Since April 2011 penalties apply even if you have no tax to pay and can increase up to £1,300. And HMRC are consistent in applying these penalties and generally do not accept any appeal.
The constant stream of changes to tax legislation means not only that the returns are becoming even more difficult to understand but also that taxpayers risk incurring more penalties through failing to complete their returns on time or correctly.
We can save you a lot of time, worry, and money by handling your self-assessment for you. We will do all the necessary computations, complete your return and identify planning opportunities to minimise your tax liabilities. We can act as your agent, dealing directly with HMRC on your behalf and, should you be selected for a self-assessment enquiry, act for you.
- Prepare your annual Self-Assessment Tax Return including rental income accounts and Capital Gains Tax computations, as appropriate
- Calculate your tax liability for the year, advise the amount of any Balancing Payment due 31st January and calculate the Payments on Account due for the following year
- Check your code numbers and Statements of Account, obtain any repayments of tax and deal with any HM Revenue & Customs correspondence
- Represent you during any H M Revenue & Customs Enquiry to ensure your interests are fully protected
- Review your and, if appropriate, your spouse’s assets and income level to ensure that effective use is made of allowances, rate bands and Capital Gains Tax reliefs and exemptions
- Review your likely Inheritance Tax liabilities, discuss how these might be reduced and plan to take advantage of exemptions
- Recommend suitable structures to reduce exposure to taxation